Haitong International maintains its 00369-HK buy rating, which is now trading at a sharp discount of about 45 per cent to the bank's estimated net asset value of Rmb6.00 at the end of 2011.

According to Haineng International, Yongtai's 2010 performance was impressive: revenue surged 80% to 2.177 billion yuan year-on-year, while underlying net profit surged to about 420 million yuan from 22 million yuan in 2009. By the end of 2010, the company's net debt ratio had fallen by 13 percentage points year-on-year to 25%.

Wing Tai rose 4.73 per cent to HK $3.32 on Monday.